COMPREHENSIVE MORTGAGE MARKET REVIEW
The mortgage market review was designed to support more people get onto the property ladder.
The UK government has announced a comprehensive review of the mortgage market, with the aim of making it easier for more people to get onto the property ladder.
The mortgage market review will look at how to improve access to low-deposit mortgages, and what lessons can be learned from other countries that have developed alternative ways of offering mortgage finance. It’s important to know where the mortgage market is in 2023.
The government is also committed to extending the right to buy to housing associations, which would give more people the opportunity to purchase their own home.
The mortgage market review is part of the government’s wider plan to address the issue of housing shortages in the UK.
The proportion of 25 to 34-year-olds who own their own homes has fallen from 55% to 34% between 1996 and 2016. The government believes that the mortgage market review will help to reverse this trend and make homeownership more achievable for more people.
The review is expected to report back this autumn.
In the meantime, if you are looking to get a mortgage, it is important to speak to a financial advisor to get the best advice for your individual circumstances.
Here are some of the things that the mortgage market review may consider:
- The availability of low-deposit mortgages
- The affordability of mortgages
- The different ways of offering mortgage finance
- The role of government in supporting the mortgage market
- Work with an independent Mortgage Adviser – someone who has access to a comprehensive panel of lenders (someone like us!)
The mortgage market review is also likely to consider the impact of the mortgage market on housing affordability and social mobility.
The government is committed to making homeownership more achievable for more people, and the mortgage market review is an important step in this process. If you have thoughts on the mortgage market review leave us a comment below.
At Yes Mortgage Services, we offer a comprehensive range of products from across the market.
Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.
Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.
We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.